A look back at decade of prime property price changes
We take a look back at the performance of the PIRI 100 over the past decade and more as prices shift upwards.
1 minute to read
Since 2010 marginal shifts, most of them up, have been the order of the day for prime prices. Annual price growth in the decade before Covid-19 was unspectacular but steady, averaging 1.6%.
The unexpected pandemic surge marked the biggest leap since the PIRI 100 began in 2008. Prime prices jumped an average 5.2% in 2022 and now sit 35% above their financial crisis low.
But markets have lost some of their pre-pandemic synchronicity. In 2019, 19 percentage points separated the strongest and weakest performers; in 2022, it was 68.
A more nuanced landscape is emerging as countries adopt different monetary policy strategies, introduce taxes or buyer restrictions and, in some cases, deal with the impact of protracted border closures.
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